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Circle CEO Jeremy Allaire stated that every major financial institution now has a mandate to implement digital assets. (Bitcoin Archive)

Glonghui, May 26 — Yatsen Holding (NYSE: YSG) has released its Q1 2026 earnings report. According to the announcement, the company’s revenue for the first quarter grew to 1.02 billion yuan, up 22.5% year-on-year, significantly outperforming the industry, and marking six consecutive quarters of year-on-year growth, with a solid and steady growth foundation. Of note, the combined net income from the three major skincare brands Galénic, DR.WU, and EVE LOM surged by 61.4% year-on-year, boosting the skincare business to a steady 58.5% year-on-year increase, achieving revenue of 574 million yuan. Skincare revenue accounted for 56.2% of total revenue, developing in synergy with the makeup business, and has become the core engine driving results growth. Thanks to continuous optimization of the revenue structure, the company’s gross profit increased by 24.3% year-on-year, with the gross margin rising to 80.2%, a record high.Yatsen Holding, with the corporate vision of becoming a “world-class beauty innovation pioneer,” has established a research-driven sustainable development model and remains committed to high R&D investment to enhance the technological content of its products. The financial report shows that in the first quarter of 2026, the company invested 39.44 million yuan in R&D, up 74.2% from a year earlier. Since 2020, the group has invested over 700 million yuan in R&D innovation, maintaining an annual R&D expense ratio of over 3% for three consecutive years.On this, Huang Jinfeng, founder, chairman, and CEO of Yatsen Holding, said: “Our revenue growth aligns with previous expectations, highlighting the resilience of our multi-brand strategy. This quarter’s growth is mainly driven by the continuous momentum of our skincare brands. With our vision of becoming a world-class beauty innovation pioneer, we will continue to strengthen R&D innovation, expand our star product portfolio, and drive high-quality growth for our core brands.”Recently, Yatsen Holding successfully completed the initial issuance of its $120 million convertible bonds. The subscription lineup further expanded, with Huang Jinfeng, Vision Capital, and Hillhouse Capital all increasing their investments, fully demonstrating the strong confidence of top institutions and the founder in the company’s long-term development and strategic layout. After the successful delivery of the first batch of notes, Yatsen Holding will use the funds for product R&D, global supply chain integration, overseas market expansion, strategic acquisitions, and general corporate purposes, further driving sustained business growth and strengthening core competitiveness.

Analyst Murphy stated that the short-term capital on-chain activity weight for BTC has dropped to a historically low level, which has only appeared in bear market bottom regions. This indicates a cooling off in short-term turnover and an accumulation of economic value in long-term holdings. He believes the market may be at a bear market bottom, a secondary bottom, or in the consolidation phase before a bull market starts, but temporarily rules out the possibility of bull market buildup. He suggests adopting a diversified position strategy to respond to different outcomes.